The stock market closed on the lows of the week before a week-end that brought news less awful than expected, bringing some fresh air to stock index futures this morning. The flight to quality we observed recently is confirmed by the cumulative/advance decline line that challenged on Friday the lows reached on the 23rd of March. This means that only few stocks benefited from the relief rally underway and this is not really a good sign for the intermediate term. Hedging activity in the option market was fairly balanced and breadth closed clearly on the negative side :873 stocks advanced compared to 2986 that settled down. Despite Friday’s fall, our buying/selling index pointed out to a strong buying pressure.